Sensex Today: Domestic markets closed lower for the second day in a row as traders digested the hawkish statements from the US Federal Reserve’s December meeting. Though the benchmark indices opened with marginal gains in Thursday’s trade, they later turned negative. While the S&P BSE Sensex plunged over 600 points to hit a low of 60,049, fresh buying in metal, auto, pharma stocks helped the benchmark trim losses to settle down 304 points, or 0.5 per cent, at 60,353. Of.
At the same time, the NSE Nifty closed at 17,992, down 50 points or 0.28 per cent.
Meanwhile, the broader markets outperformed the benchmark indices. smelly Midcap 100 and Nifty Smallcap 100 index rose up to 0.4 per cent.
Sectorally, Nifty Pharma, Nifty FMCG, Nifty Auto and Nifty Metal indices were the top performers as they rose up to 1 per cent. However, Nifty Financial Services and Nifty IT indices turned weak in the trade with losses of up to 1 per cent each.
Among individual stocks, Bajaj Finance was top Sensex index down over 8 per cent Consumer Finance reported that assets under management (AUM) grew 27 per cent year-on-year (YoY), lower than market expectations, 31 2.30 trillion by December, 2022.
Santosh Meena, Head of Research, Swastika Investmart Ltd said, “Indian equity markets are witnessing selling pressure and the main reason behind this weakness is that FII selling is back after the holiday period. Global cues are volatile, but we have underperformed since last two days as FIIs are taking from Indian markets while other markets are already down. The global recession is a major buzzword, and various news related to COVID is also creating volatility in the market. On the other hand, stock and sector-specific moves have continued ahead of the budget.
“Technically, Nifty is trading near its 100-day moving average of 17,900, and we pulled back from there last week. If Nifty manages to hold its 100-DMA, we can expect a short covering move as the market is oversold as per the put call ratio and short exposure of FIIs in index futures. If the Nifty starts breaking below its 100-day moving average, the selling pressure may increase towards 17,777, 17,550 and 17,425 levels. On the upside, 18,088 and 18,233 will act as key resistance levels. BankNifty has slipped below its 50-DMA, where 42,200 is an immediate support while 41,700 is the next important support level. On the upside, 42,800-43,000 is an immediate supply zone, while 43,500-43,600 is a major resistance zone,” he said.
global signal
Asian shares rose on Thursday on investor hopes for China’s recovery from the COVID-19 pandemic, while the dollar remained under pressure, while the US Federal Reserve warned against market bets on interest rate cuts this year.
Australia’s S&P/ASX 200 added 0.42 percent, Japan’s Nikkei 225 added 0.35 percent, while South Korea’s Kospi rose 0.71 percent.
Overnight, the Dow Jones Industrial Average broke a two-day losing streak and rose 0.4 percent; the S&P 500 0.75 percent; and the Nasdaq Composite added 0.69 percent.
In the commodities market, Brent crude fell more than 5 per cent to $78 per barrel overnight, falling nearly 10 per cent in two days, which may support market rally today.
read all latest business news Here